I agree. Why now? Either there is a truly compelling reason for raising money (other than the smoke screen of a Brazil seismic (wtf) or a new venture (adventure) that might materialise in 2017 (at the earliest). For me it keeps coming back to the centrals in Namibia.
Remember Fiincap were repeatedly first on the ask and last on the bid after the 29p recent peak? And now they help 'place' shares at 15p. It's a give-away price to II's and directors.
Just like there was a reason Fincrqp played the book like they did, there will be a reason that we are not yet told about.
And re GBP which has mostly Namibia and also some Mozambique acreage and a market cap similar to what we just raised with majority director shareholding (I think) ..,, the new venture is in an existing license region - so is that ruled out? Either way why are the GBP crowd getting excited?
I'll be listening in on the conference call later today.. And where is the audiocast from yesterday's analyst meeting? FFS get it published on time! Larry has crafted his words very carefully recently and I expect he will do the same today. He can be as tetchy as he wants he has not delivered shareholder value to date - and maybe that is the markets 'own goal' but I expect with the amount of II's on board and director holding that free float will now have dropped massively - good! What will stop the II's buying more? I expect they will buy more on the open market once the shares are in their hands as they have the lowest average of anyone. I also expect them to be diligent and demanding on increasing shareholder value.
One drill per annum for the next 3-4 years? Where is this years drill? Back to the centrals per the roadmap...
Will have been touted across the market for weeks little wonder we had no movement after the last farm-in there was no appetite the word was out.
I don't buy the Brazil 3D's being the driver for this placement, we have a road map to work to passed and stamped months ago why change it now ? Costs ? not for me !!
This maybe " fund a new venture opportunity in a country where the Company currently operates to increase option value and sustain the growth potential of the portfolio (approximately US$7.5 million)"
Either way at the AGM and from the finals we were "Debt free with all contractual commitments fully funded through to the end of 2015" many Pi's would have taken their investment decisions on this information.
How many of those new Institutional investors bailed prior to the duster results and are now in for another go at almost an all time low ?
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.